There are essentially just six ways in which you can make more profits as an accountant, or indeed as any professional adviser:
- Increase your charges – for doing the same work you have always done
- Increase the perceived value of what you do
- Speed up collection of your fees (and so reduce the funding costs of the business)
- Reduce the time you spend providing your services whilst keeping your fees the same as before
- Provide more value and charge more than you did before NB: this is not just ‘doing more work’
- Provide additional services and charge for these
There are 2 supplmentary things you can do
- Get existing (good) clients to introduce new prospects just like them
- Sack the duff d-list clients who get in the way
Can you think of anything else that you do (that doesn’t fit under one or other of these headings)?
